TechFlow reports, according to Fortune magazine, that blockchain development team Movement Labs has raised $38 million in Series A funding led by Polychain Capital, with participation from Hack VC, Foresight Ventures, Placeholder, Archetype, Maven 11, Robot Ventures, Figment Capital, Nomad Capital, Bankless Ventures, OKX Ventures, dao5, and Aptos Labs.
The funds will support the company’s efforts to bring Facebook’s Move virtual machine to Ethereum, aiming to address smart contract vulnerabilities and improve transaction throughput.
Founded in 2022, Movement Labs previously raised $3.4 million in a seed round in September 2023. In addition to its flagship product Movement L2, Movement Labs plans to launch Move Stack, an execution layer framework compatible with rollup frameworks such as Optimism, Polygon, and Arbitrum.
